When One Member of a Consolidated Group Purchases Only Part

question 45

Multiple Choice

When one member of a consolidated group purchases only part of the outstanding bonds of another member of the group (for example, 80% of the bonds) ,

• A)​all bonds, and all the interest expense and interest revenue applicable to the bonds should be eliminated.
• B)​20% of the bonds, and 20% the interest expense and interest revenue applicable to the bonds should be eliminated.
• C)​80% of the bonds, and 80% the interest expense and interest revenue applicable to the bonds should be eliminated.
• D)​none of the bonds, and none of the interest expense and interest revenue applicable to the bonds should be eliminated.

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